The way companies hire today is more advanced than ever. Though many smaller companies still rely on resumes and email, the world of social media opens up infinite possibilities for hooking up with the right employer or employee. But the link between technology and recruiting isn’t just about how we hire people. It’s about attracting future producers.
That’s why we’ve created an e-book on managing your workforce in today’s technology-heavy environment. Get your copy here.
Why you need to start hiring
Though your agency roster may be comfortably full right now, PropertyCasualty360 reports that 25% of the insurance industry will retire by 2018. That gives you less than two years to attract and retain industry talent to keep your business going.
“Recruiting isn’t prioritized as much as it probably should be for a lot of insurance agencies,” says Director of Reagan Consulting, Susan Hughes.
And tomorrow’s stars look much different than today’s.
“I think the industry as a whole isn’t well marketed to younger generations in terms of thinking of it as a career path,” she continues.
Meet the millennial agent
Millennials are defined as anyone in the 18 to 34-year-old age bracket. There are over 74 million of them in the United States, making them the largest population group in the country.
Unlike their predecessors, millennials are more diverse, better educated, less likely to be married, and live predominately in urban areas. Born with technology already present in their lives, their preferences are far more sophisticated, and their job satisfaction depends largely on the technological tools at their disposal.
Three recruiting strategies
- Update the office decor. If someone walks into an institutional gray office with cubicles and stacks of paper everywhere, they’re not going to be very attracted. Give the office a more modern feel by painting, changing furniture, and shredding every extra scrap of paper. Store what’s needed in a place not visible to passers-by. Yes, this tip is superficial – but perception is reality, this stuff matters when you’re trying to recruit top talent. Imagine visiting different college campuses – which one would you chose? The old stuffy institution with dial-up internet? Or the new sleek, state-of-the-art campus with wifi? It might not be fair to judge based on outward appearance, but it will definitely impact the student’s decision.
- Give interviewees a taste of their tools. Break out your agency management software during the interview process and show candidates what’s available to them. They’ll feel more at ease knowing what’s in store. It will also give you an opportunity to see how tech-savvy they are, how they well they can adapt to change, and ultimately how open they are to learning new systems. This is vital in an ever-changing industry like insurance. No matter what, we all know that things are going to change. Wouldn’t it be nice to hire someone that can deal with the new technology that is inevitably going to change the way you do business?
- Create a millennial-friendly culture. Though millennials have a reputation for being disloyal, research shows that millennials who like their companies are 25 times more likely to stay. Just because your industry is heavily regulated doesn’t mean that you can’t be fresh and original.
One of the best examples of a great company culture comes from Acuity Insurance, named 9th best place to work for millennials. Founded in 1925, workers of all ages value being listened to, communicated with, and lavished on with special perks at regular intervals.
Conclusion
The average age of today’s top insurance producer is 59. Though they have a wealth of industry knowledge and a well-established book of business, one in four of them will be gone in less than two years.
By implementing a couple of simple changes to your office and interview process, you will make yourself more attractive to the millennial super-agents of tomorrow.
Create a culture that appeals to all ages, and you are on your way to attracting the producers of the future.
